Why use accounting software
Accounting software boosts efficiency, accuracy, compliance, and cost-effective operations for accounting firms. It also enables scalability and client collaboration, allowing accountants to elevate their practice and deliver superior services to their clients.
Who uses accounting software
The term ‘accounting software’ can be used to describe a variety of solutions, from practice management and compliance software used by accounting or audit firms, to financial accounting software used by small businesses or corporates.
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Accounting Software for Accounting Firms
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Accounting Software for Small Business / SMEs
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Tax & Accounting Software for Corporate Sector including MNEs
Accounting software for accounting firms
Keeping up to date with accurate information and best practices in the tax and accounting industry is important. For tax professionals and accounting firms looking to establish a streamlined and seamless process, accounting software enables an efficient and productive environment. CCH iKnowConnect delivers accurate and relevant content to navigate complex tax issues quickly and confidently, which can be paired with or utilised separately from CCH iFirm to support accounting firms to seamlessly support practice management, compliance and client engagement.
Accounting software for small business / SMEs
Staying across the latest developments in the ever-changing tax landscape and legislative changes is especially challenging for small business / SMES. They rely on accountants and tax professionals for simple and complex matters to ensure they meet compliance requirements and maximise year-end returns to continue to grow their business. CCH iKnowConnect is a comprehensive online research platform that can help small business to get results and quick answers to complex tax and legal matters, quickly and easily.
Tax & Accounting Software for Corporate Sector including MNEs
Today’s tax professional operates in a volatile and challenging environment. The need to comply with ever-changing tax rules and regulations across multiple geographies including BEPS Pillar 2 puts extra pressure on tax functions. CCH Integrator removes the complications and risk, giving you the freedom to focus on what you do best.
Challenges for tax accountants
‘Too much work, not enough time’ is the common refrain tax accountants. Tax accountants are faced with many challenges, from growing demands and expectations from clients, the shift from accounting to advisory, as well as attracting and retaining good talent. Accounting software helps reduce admin and non billable work to free-up more time to service customers.
Software Solutions:
Challenges for tax agents
Tax agents face challenges such as changing tax laws and regulations, client data security concerns, managing high workloads during peak tax seasons, keeping up with technology advancements, and maintaining client satisfaction with accurate and timely tax lodgements. Reducing the time spent per tax return through software and digital knowledge solutions is critical.
Software Solutions:
Challenges for bookkeepers
Bookkeepers face challenges such as balancing multiple clients while meeting deadlines, managing cash flow and expenses for clients, staying updated with changing regulations and accounting standards, keeping accurate records, dealing with unresponsive clients, and leveraging technology to streamline processes. Effective time management and communication skills are essential to mitigating these challenges.
Software Solutions:
Challenges for small accounting firms
Small accounting firms encounter challenges such as limited resources for technology investments, competition from larger firms, managing cash flow fluctuations, attracting and retaining clients, staying compliant with regulatory changes, and balancing client workload with staffing limitations. Developing a niche service offering, fostering strong client relationships, and leveraging cost-effective technology solutions can help small firms overcome these challenges and thrive in the competitive market.
Software Solutions:
Accounting Software for Accounting Firms
A powerful and simple accounting software enables accounting firms and tax professionals to keep a tight grip on performing duties and extracting relevant content with confidence, the right accounting software helps tax professionals sleep better at night.
Challenges for small and medium accounting firms
Small and medium accounting firms face a range of challenges including stiff competition from larger firms, high client expectations, staying up-to-date with changing regulations and technology, attracting and retaining skilled staff, managing increased workloads, and maintaining profitability. These firms must adapt and embrace innovative solutions like cloud-based accounting software, automation, and outsourcing to enhance efficiency, deliver high-quality services, and differentiate themselves in the market. Building strong client relationships and providing personalised services also play a crucial role in overcoming these challenges.
Software Solutions:
Accounting Software for Corporate including MNEs, Mid-Tier and Big 4 Accounting Firms
Compliance and processes are two key ingredients that make-or-break accounting firms that deal with corporates. Utilising the latest accounting software enables your accounting firm to meet the demands of your clients and the complex tax environment.
Challenges for large accounting firms including MNEs, mid-tier and Big 4 accounting firms
Large Accounting Firms need a software solution to support their clients with managing tax compliance and reporting at scale. Wolters Kluwer tax software solutions will provide large accounting firms with the tax software necessary to manage the complexity of reporting obligations across multiple jurisdictions and efficiently and accurately align to changing tax laws globally coupled with seamless workflows.
Software Solutions:
Challenges for consulting firms
Consulting firms need a software solution to support their clients with managing tax compliance and reporting at scale. Wolters Kluwer CCH Integrator is a modern cloud-based tax management platform designed to empower global tax and consulting teams. By harnessing CCH Integrator, tax and consulting teams can gain greater control, mitigate risks, and redirect focus towards strategic initiatives.
Software Solutions:
Wolters Kluwer’s accounting software
Whether you are a small to medium accounting firm, Big 4 or corporate, Wolters Kluwer provides a range of world-leading accounting software solutions which help drive improved productivity and profitability.
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CCH iFirm Suite
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CCH Integrator Suite
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CCH iKnowConnect
CCH iFirm suite
CCH iFirm is a 100% cloud software solution for accounting firms. Supporting the end-to-end compliance workflow for accountants, CCH iFirm includes integrated practice management and compliance modules which reduce manual data entry, improve job profitability and unlock more billable hours. Centred around a superior jobs and practice management system, with integrated Workpapers and Research into the workflow, and fully supported by our local support teams, CCH iFirm is a leading accounting software solution.
Apps
CCH Integrator suite
CCH Integrator is an integrated cloud-based platform designed to help organisations simplify their tax management, compliance, reporting and provisioning. CCH Integrator's cloud-based solution streamlines the complexity of tax compliance and reporting across multiple entities and jurisdictions, increasing control, reducing risk and freeing your tax function to focus on greater things.
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CCH iKnowConnect
CCH iKnowConnect is Wolters Kluwer’s award-winning research platform assisting tax and legal professsionals to get to the results they are looking for within a few clicks.
Confidently deliver advice based on trusted information backed by over 50 years of Wolters Kluwer knowledge and experience.
CCH iKnowConnect can be paired with or utilised separately from tax and accounting software such as CCH iFirm and CCH Integrator to support an integrated workflow for the tax & accounting professional.
Explore now:
Accounting software expert insights
Read our expert insights on the key accounting software trends, challenges, and technologies
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ArticleTax & AccountingJanuary 31, 2025
Moving to the cloud: are these 3 myths holding your accounting firm back?
Whether your accounting firm is still on a full desktop or hybrid setup, the following guide walks through the common myths vs reality of moving to 100% cloud software for accounting firms. -
ArticleComplianceFinanceTax & AccountingSeptember 18, 2024
Modernising the corporate tax function - technology insights
OneTeam’s focus on simplifying data management and streamlining workflows, combined with CCH Integrator’s tax expertise, creates a powerful toolset for tax professionals. -
ArticleTax & AccountingSeptember 02, 2024
Long-term insights briefing — the future of New Zealand’s tax system
Inland Revenue have released a document for consultation that examines New Zealand's current tax system and explore options for change. -
ArticleTax & AccountingAugust 01, 2024
Accounting firm KPIs & performance metrics to help grow your firm
Leveraging data analytics and reporting insights to drive business performance improvements in an accounting practice
Accounting software case studies
Hear what our customers have to say about our CCH accounting software solutions such as CCH iFirm and CCH Integrator.
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Case studyTax & AccountingAugust 07, 2024
CCH iFirm enables smooth business operations for Forward Accounting
"We like CCH iFirm because with one integrated platform, you get a client-focussed view, with all your client information in the one place." - Tania Garbes, Director & Chartered Accountant, Forward Accounting NZ Ltd. -
Case studyTax & AccountingJuly 04, 2024
CCH iFirm supports long-term firm growth of Numb1z Limited
"CCH iFirm has grown with our firm and has helped us manage the increasing volume of tax filings, which has significantly expanded over the years." - Moira Robertson-Brown, Director, Numb1z -
Case studyTax & AccountingJune 26, 2024
CCH iFirm enables improved workflow management for RCB Advisors
"CCH iFirm offers a very good solution to the accounting profession ‘under one roof’." - Rajesh Chawla, Director, RCB Advisors -
Case studyTax & AccountingMay 22, 2024
CCH iFirm enables remote work and improved productivity for Macpherson Peters
"It’s nice to see faces and be able to build a relationship with the product development team, who have been phenomenal – I really feel like they have our back." - Kelly Peters, Managing Director, Macpherson Peters
Frequently asked questions about accounting software
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Q: What is accounting software?A: The term ‘accounting software’ can be used to describe a variety of solutions, from practice management and tax compliance software used by accounting or audit firms to financial accounting software used by small businesses or corporates.
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Q: What is the most commonly used accounting software?A: This depends on what type of accounting software you are looking for. Whilst there are many software providers such as Xero, Quickbooks, MYOB and more which meet different requirements, CCH iFirm is a great integrated, full-cloud solution that has everything you need to run your practice management and compliance requirements.
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Q: What is cloud accounting software?A: Cloud accounting software refers to accounting software that is hosted on remote servers and accessed over the internet, as opposed to being installed on a local computer. Cloud accounting software offers benefits such as real-time collaboration, automatic backups, scalability, remote accessibility, and seamless integration with other business applications. It eliminates the need for manual software updates and provides secure storage of financial data.
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Q: How much does accounting software cost?A: Accounting software costs can vary depending on the provider and the features included. Pricing structures can also vary, for example a cost per user license or cost per client ledger. It's essential to consider the specific needs of your business to determine the most suitable and cost-effective accounting software solution.
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Q: How to choose the best accounting software?A: Cloud accounting software is the way of the future, and there are many cloud solutions now available. However not all solutions are ‘full cloud’, many appear to be, but are actually hybrid solutions, so it’s important to check this. You also need to consider things like, what are the security credentials of the software, is there a customised onboarding program and ongoing support? Is the helpdesk experienced and based in your local region? Is it in all-in-one integrated solution, or will you be required to manage customised integrations between different vendor’s software? You should also consider the specific needs of your business first. If you plan to grow and scale you need a flexible and cost-effective solution that can grow with your firm.
Contact an accounting software consultant
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